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New Lease accounting Standard IFRS 16/ Ind AS 116

May 7, 2019[2019] 105 taxmann.com 61 (Article)
The new lease accounting standard IFRS 16/Ind AS 116 attempts to bring leasehold assets held under operating lease on balance sheet except assets under short or low value leases. This is in conformity to the concept of asset defined in the Conceptual Framework. It also rationalizes the process of identifying lease since IFRIC 4 was considered to be one of the stumbling blocks in IFRS adoption/ convergence in various countries and also integrates other interpretations
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